Oil Prices Soar Amid Middle East Tensions and Supply Risks

Oil prices surged in Asian trading on July 29, 2026, as escalating military tensions in the Middle East heightened concerns over potential disruptions to regional energy supplies.

Brent crude futures rose by 3.12% to $87.21 per barrel, while West Texas Intermediate (WTI) crude futures increased by 3.49% to $82.03 per barrel, according to data from Mettis Global.

The escalation comes after Iran launched multiple ballistic missiles at U.S. forces stationed in the Middle East in what the U.S. Central Command described as an attempted surprise attack.

Additionally, concerns over regional shipping routes intensified following a report of suspicious activity in the southern Red Sea by the U.K. Maritime Trade Operations Centre.